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- W3121834495 abstract "We study the equilibrium welfare effects of introducing mandated severance payments in a labor market with costly mobility, where self-insurance through a riskless asset is the only way to smooth fluctuations in labor income due to unemployment shocks. The framework allows for wage flexibility at the level of the individual firm-worker match. Wages vary with both tenure and productivity of the workers. When severance payments are introduced, the firm can potentially undo their effect by modifying the wage profile. Workers entry wages fall by the expected present value of the future payment. However, because of incomplete markets, workers are unlikely to be indifferent about the slope of the wage profile. Moreover, non trivial general equilibrium effects are also present, since the capital stock varies. On the one hand, the precautionary motive for savings is reduced by the introduction of severance payments, since agents are better insured. On the other hand, the change in the wage profile is likely to reduce the savings of young individuals and increase that of older ones. The model is solved numerically and calibrated to the US economy. We compare a welfare measure for the baseline economy, i.e. without severance payments, to those of a series of counterfactual economies where the severance payments are introduced at increasing levels. For reasonable values of the severance payments, Welfare gains and costs seem to be quantitatively small. JEL Classification Codes: E24, D52, D58, J65." @default.
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- W3121834495 date "2010-01-01" @default.
- W3121834495 modified "2023-09-26" @default.
- W3121834495 title "The Non-neutrality of Severance Payments with Incomplete Markets" @default.
- W3121834495 hasPublicationYear "2010" @default.
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